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Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/8513

Title: Anti-money laundering practices within the Ghanaian banking sector: A Case Study of Standard Chartered Bank (Ghana) limited
Authors: Asante-Okoto, Emmanuel
Issue Date: 6-Apr-2016
Abstract: Money laundering has augmented in scope and is believed to play a major role in the disruption of the financial system as it also uphold drug trade, trafficking of women and children for commercial sex, weapon smuggling, and terrorist financing. It is not only conducted by traditional criminals, but is often backed by corrupt institutional financial officials. Also financial havens and automated payment technologies supporting unidentified customer relations have also in turn offered prospects to launderers to transfer illicit proceeds without any suspicion from public authorities. For this reason, in the late 1980s an international anti money laundering (AML) offensive body was instigated to check the operation of money launderers. Under the direction of the Financial Action Task Force (FATF), universal standards were established and implemented within numerous countries’ national policy structures to help in this fight. Ghana being a member of this body has also taken serious measures to protect it banking institution from being use as financial heavens in championing this course. However, in as much as regulatory bodies are doing their best in the fight, financial institutions seems not be cooperating fully in ensuring the soundness and safety of the banking system. This thesis examines the anti-money laundering practices within the Ghanaian banking sector using Standard Charted Banks as a case sturdy to determining whether or not financial institutions in the country are cooperating fully with regulatory authorities. The study brought to light the control measures such as incomprehensive KYC and CDD on customers, inadequate training of staff and non-reporting of all suspicious transactions in connected with extreme desire for increased deposits, staff conspiracy with criminals, non-compliance with FATF and BOG/FIC recommendations and guidelines respectively were some of the inherent weaknesses that made banks conduit for these crimes. The study concluded with the contention that lack of cooperation between the financial institution, the regulators and law enforcement agencies were the main reasons why money laundering could not be stopped completely. It was also recommended that for an economy to have an operational Anti-Money Laundering practices, there should be a comprehensive internal control measures, adherence to FATF and BOG/FIC Recommendations and Guidelines respectively, cooperation among relevant partners, harmonization of laws, effective supervision by regulatory authority and availability of a national data base system for use by the financial institutions to confirm the identity of both individuals and institution.
Description: A Thesis submitted to the School of Business, Kwame Nkrumah University of Science and Technology in partial fulfilment of the requirements for the degree of Masters of Business Administration (Finance Option), 2015
URI: http://hdl.handle.net/123456789/8513
Appears in Collections:College of Arts and Social Sciences

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